Net income: Delivered GAAP net income attributable to stockholders from continuing operations of $192 million or $0.36 per diluted share, and adjusted net income 1 of $248 million or $0.46 per diluted share

EBITDA: Generated $698 million in adjusted EBITDA 2, up 16 percent from the prior year quarter

Attributable gold production: Produced 1.4 million ounces of gold, up 13 percent from the prior year quarter, in-line with guidance

Portfolio improvements: Approved the high grade, low cost Twin Underground mine in Nevada; acquired a 19.9% stake in Continental Gold to support development of the Buriticá project in Colombia; mined first ore at Subika Underground in Africa; on track for commercial production of the Tanami Expansion Project in Australia in the third quarter of 2017

Financial strength: Reduced net debt to $1.5 billion, ending the quarter with $3.1 billion cash on hand, and an industry-leading, investment-grade credit profile; in July 2017, further deleveraged and simplified the balance sheet with the full repayment of $575 million convertible senior notes; second quarter dividend triples from the prior year quarter to $0.075 per share

Outlook: Improved production and cost outlook for 2017; attributable production guidance improves to between 5.0 and 5.4 million ounces of gold; CAS guidance improves to between $675 and $715 per ounce; AISC guidance 6 improves to between $900 and $950 per ounce; capital guidance lowered to between $890 and $990 million; G&A guidance improved

"Operational execution has driven superior second quarter results, further investment in profitable growth, and improved guidance for 2017," said Gary J. Goldberg, President and Chief Executive Officer. "We increased adjusted EBITDA by $98 million compared to the prior year quarter to nearly $700 million, and reported free cash flow of $346 million. Operations across the portfolio outperformed, reducing all-in sustaining costs to $884 per ounce and producing 13 percent more gold on an attributable basis. We expect to sustain this performance through strong technical fundamentals and ongoing investment in value-adding technology, and have improved our cost, capital and production outlook as a result. This performance gives us the means to fund near-term growth through our new Twin Underground mine and profitable expansions at Ahafo, Tanami and Northwest Exodus, and to invest in maintaining our profitability for years to come with new greenfields prospects as well as our interest in the high grade Buriticá project in Colombia, and the promising Plateau opportunity in the Yukon."

Second Quarter 2017 Summary Results

GAAP Net income attributable to shareholders from continuing operations of $192 million or $0.36 per diluted share for the quarter, up $178 million from $14 million or $0.02 per share in the prior year quarter.

Adjusted net income improved by 59 percent to $248 million or $0.46 per diluted share from $155 million or $0.29 per share in the prior year quarter mostly due to higher sales volumes. The primary adjustments to net income include $0.11 per share net tax adjustments primarily related to valuation allowances.

Revenue rose 12 percent to $1,875 million for the quarter due to increased sales volumes.

Average realized price7 for gold was $1,250 per ounce for the quarter compared to $1,257 in the prior year quarter; average realized price for copper improved $0.46 to $2.46 per pound.

Attributable gold production increased 13 percent to 1.4 million ounces for the quarter as new production from Merian and Long Canyon more than offset lower grades at Tanami and Yanacocha.

Gold CAS totaled $955 million for the quarter. Gold CAS per ounce was mostly unchanged at $664 per ounce for the quarter compared to $661 in the prior year quarter.

Gold AISC improved three percent to $884 per ounce compared to $913 in the prior year quarter primarily due to lower sustaining capital and higher sales volumes.

Attributable copper production from Phoenix and Boddington increased 15 percent to 15,000 tonnes for the quarter. Copper CAS totaled $44 million for the quarter. Copper CAS per pound improved 27 percent to $1.38 per pound for the quarter on higher sales volumes, full potential improvements and lower co-product allocation of costs to copper. Copper AISC improved 22 percent to $1.69 per pound on improved unit CAS.

Capital expenditures8 decreased 35 percent from the prior year quarter to $183 million as growth projects including Merian and Long Canyon moved into commercial production partially offset by increased spending on capital projects in Africa.

Consolidated operating cash flow from continuing operations decreased 21 percent from the prior year quarter to $529 million primarily due to changes in working capital. Free cash flow was $39 million lower at $346 million for the quarter on improved volumes and lower capital expenditures, offset by working capital changes.

Balance sheet improved as Newmont ended the quarter with $3.1 billion cash on hand, a leverage ratio of 0.6x net debt to adjusted EBITDA and one of the best credit ratings in the mining sector. On July 17, the Company announced the retirement of $575 million of convertible senior notes. Since 2013, Newmont has streamlined its balance sheet and reduced gross debt by over 30% and net debt by over 70%.The Company is committed to maintaining an investment grade credit profile.

____________________________________

1

Non-GAAP measure. See end of the release for reconciliation to Net income (loss) attributable to Newmont stockholders.

2

Non-GAAP measure. See end of the release for reconciliation to Net income (loss) attributable to Newmont stockholders.

3

Non-GAAP measure. See end of the release for reconciliation to Net cash provided by operating activities.

4

Non-GAAP measure. See end of the release for reconciliation to Costs applicable to sales.

5

Non-GAAP measure. See end of the release for reconciliation to Costs applicable to sales.

6

Non-GAAP measure. See end of the release for reconciliation to Costs applicable to sale outlook. See also cautionary statement at the end of the release regarding outlook.

7

Non-GAAP measure. See end of the release for reconciliation to Sales.

8

Capital expenditures refers to Additions to property plant and mine development from the Condensed Consolidated Statements of Cash Flows.

Tanami Expansion (Australia) includes a second decline in the mine and incremental capacity in the plant to increase profitable production and serve as a platform for future growth. The project is on track to reach commercial production in the third quarter of 2017 and will maintain Tanami's annual gold production at 425,000 to 475,000 ounces at AISC of between $700 and $750 per ounce for the first five years of production. Capital costs are estimated at between $100 and $120 million with expenditure of $30 to $50 million in 2017.

Subika Underground (Africa) leverages existing infrastructure and an optimized approach to develop Ahafo's most promising underground resource. Achieved first production in June 2017 with commercial production expected in the second half of 2018. The project is expected to increase average annual gold production by between 150,000 and 200,000 ounces per year for the first five years beginning in 2019 with an initial mine life of approximately 11 years. Capital costs for the project are estimated at between $160 and $200 million with expenditure of $80 to $90 million in 2017. The project has an IRR of more than 20 percent at a $1,200 gold price.

Ahafo Mill Expansion (Africa) is designed to maximize resource value by improving production margins and accelerating stockpile processing. The project also supports profitable development of Ahafo's highly prospective underground resource. First production is expected in the first half of 2019 with commercial production expected in the second half of 2019. The expansion is expected to increase average annual gold production by between 75,000 and 100,000 ounces per year for the first five years beginning in 2020. Capital costs for the project are estimated at between $140 and $180 million with expenditure of approximately $40 to $50 million in 2017. The project has an IRR of more than 20 percent at a $1,200 gold price.Together the Ahafo expansion projects (Ahafo Mill Expansion and Subika Underground) improve Ahafo's production to between 550,000 and 650,000 ounces per year for the first five full years of production (2020-2024). During this period Ahafo's CAS is expected to be between $650 and $750 per ounce and All-in sustaining cost is expected to be between $800 and $900 per ounce. This represents average production improvement of between 200,000 and 300,000 ounces at CAS improvement of between $150 and $250 per ounce and AISC improvement of $250 to $350 per ounce, compared to 2016 actuals.

Twin Underground (North America) is a portal mine beneath Twin Creek's Vista surface mine with similar mineralization. First production is expected in the fourth quarter of 2017 with commercial production mid-2018. The expansion is expected to average between 30,000 and 40,000 ounces per year for the first five years (2018 to 2022). During this period CAS is expected to be between $525 and $625 per ounce and AISC between $650 and $750 per ounce. Capital costs are expected to be between $45 and $55 million with expenditure of $15 to $25 million in 2017, up from prior estimates due to higher production and additional infrastructure to support a phased approach with exploration upside. IRR is expected to be about 20 percent at a $1,200 gold price.

Quecher Main (South America) would add oxide production at Yanacocha, and serve as a bridge to development of Yanacocha's considerable sulfide deposits. An investment decision is expected in the second half of 2017 with first production in 2019. Quecher extends the life of the Yanacocha operation to 2025 with average annual gold production of approximately 200,000 ounces per year between 2020 and 2025 (100 percent basis). Capital costs for the project are estimated at between $275 and $325 million with expenditure of $10 to $15 million in 2017.

Outlook

Newmont's outlook reflects steady gold production and ongoing investment in its current assets and best growth prospects. Newmont does not include potential cost and efficiency improvements in its outlook beyond 2017, nor does it include development projects that have not yet been funded or reached the execution stage - both of which represent upside to guidance. Economic assumptions include $1,200 per ounce gold, $2.50 per pound copper, $55 per barrel WTI and $0.75 Australian dollar exchange rate.

Attributable gold production guidance is improved — Production guidance for 2017 improves to between 5.0 and 5.4 million ounces on Full Potential improvements in North America and Africa. Compared to the prior year, full year production at Merian and Long Canyon more than offsets declines at Twin Creeks and Yanacocha. Production guidance for 2018 and longer-term guidance is unchanged at between 4.7 and 5.2 million ounces with production from the Ahafo expansions and new production at Twin Underground offsetting declines at maturing assets. Expansion at Yanacocha represents upside to both production and cost guidance.

North America production guidance is improved. Production guidance for 2017 improves to between 2.1 and 2.2 million ounces following changes to blend management at Twin Creeks and improved mill grade and leach volumes at Cripple Creek & Victor. Compared to the prior year, a full year of operation at Long Canyon offsets the impact of higher planned stripping at Twin Creeks. Guidance is unchanged at between 1.9 and 2.1 million ounces in 2018 and between 1.8 and 2.0 million ounces in 2019 due to planned stripping at Carlin and continued stripping at Twin Creeks. Both sites are expected to return to higher production levels in 2020.

South America production guidance is unchanged. Production guidance remains between 630,000 and 690,000 ounces in 2017 and between 625,000 and 725,000 ounces in 2018 as Merian increases production. Guidance remains at between 500,000 and 600,000 ounces in 2019 due to declining production at Yanacocha and higher stripping at Merian. The Company continues to advance oxide and sulfide potential at Yanacocha; both opportunities represent additional upside not currently captured in guidance.

Australia production guidance is unchanged. Production guidance for 2017 and 2018 remains at between 1.5 and 1.7 million ounces and between 1.4 and 1.6 million ounces for 2019 as Boddington stripping results in lower grades before returning to higher production levels in 2020. The Company is studying a further expansion at Tanami which represents additional upside not currently captured in guidance.

Africa production guidance is improved. Production guidance for 2017 improves to between 775,000 and 835,000 ounces following Full Potential improvements to throughput and recovery at Akyem. Guidance remains at between 750,000 and 850,000 ounces in 2018 as Subika Underground offsets depletion of softer ores and higher grade stockpiles at Akyem. Production in 2019 remains at between 1.0 and 1.1 million ounces as Ahafo reaches higher grade ore in the Subika pit and the Ahafo Mill Expansion achieves commercial production.

Gold cost outlook is improved - CAS guidance for 2017 is improved to between $675 and $715 per ounce on increased production and mining and processing improvements in North America, Africa and Australia. Guidance remains between $700 and $800 per ounce for 2018 and between $650 and $750 per ounce for 2019-2021, before any portfolio improvements expected through the Full Potential program. AISC guidance for 2017 is improved to between $900 and $950 per ounce on CAS improvements and reduction of sustaining capital in North America, Africa and Australia. Guidance remains between $950 and $1,050 per ounce for 2018, excluding further cost and efficiency improvements. Longer-term AISC guidance is unchanged at between $870 and $970 per ounce as increased production from Ahafo - combined with ongoing productivity, cost and capital improvements - is expected to more than offset inflation and partially counter the effects of lower grades.

North America cost guidance is improved. CAS per ounce guidance for 2017 improves to between $675 and $725 on increased production, mine plan improvements at Carlin and Full Potential cost savings at Cripple Creek & Victor and Long Canyon. Guidance remains between $750 and $850 in both 2018 and 2019. AISC per ounce guidance for 2017 improves to between $855 and $930 on lower CAS and sustaining capital. Guidance remains at between $950 and $1,050 in 2018 and between $930 and $1,030 in 2019, as a result of planned stripping at Carlin combined with lower grades at Twin Creeks and Cripple Creek & Victor.

South America cost guidance is unchanged. CAS per ounce guidance remains at between $675 and $725 in 2017, between $650 and $750 in 2018 and between $575 and $675 in 2019. AISC per ounce guidance is unchanged at between $880 and $980 in 2017, between $850 and $950 in 2018 and between $810 and $910 in 2019. Costs decrease as lower cost production from Merian replaces higher cost production from Yanacocha. Yanacocha reaches higher grade ore in Tapado Oeste in 2019.

Australia cost guidance is improved. CAS per ounce guidance for 2017 improves to between $640 and $690 on Full Potential improvements to mining costs at Boddington. Guidance remains at between $675 and $775 in both 2018 and 2019. AISC per ounce guidance for 2017 improves to between $795 and $855 on lower CAS and sustaining capital improvements. Guidance remains at between $850 and $950 in both 2018 and 2019. Higher costs year-on-year are due to lower grades as a result of stripping at Boddington, lower grades at Tanami, and treatment of additional lower grade stockpile ore at Kalgoorlie in 2019.

Africa cost guidance is improved. CAS per ounce guidance for 2017 improves to between $695 and $745 on Full Potential at Akyem and lower inventory adjustments and direct costs at Ahafo. Guidance remains at between $800 and $900 in 2018 and between $475 and $575 in 2019. AISC per ounce guidance for 2017 improves to between $870 and $920 on lower CAS. Guidance remains at between $960 and $1,060 for 2018 and between $680 and $780 for 2019. Medium term costs increase due to Akyem processing harder, lower-grade ore, which is more than offset as the Subika Underground mine achieves production in 2018, and higher-grade ore is reached in the Subika open pit in 2019.

Copper — Together, Boddington and Phoenix are expected to produce between 40,000 and 60,000 tonnes of copper per year, unchanged from previous guidance. CAS guidance remains at between $1.45 and $1.65 per pound and AISC guidance remains at between $1.85 and $2.05 per pound; higher costs at Phoenix due to lower copper grades are offset by lower costs at Boddington due to improved mine planning and cost improvements. Longer term cost guidance is unchanged; CAS guidance remains at between $1.50 and $1.90 per pound and AISC guidance remains at between $1.85 and $2.15 per pound.

Capital — Capital guidance for 2017 is lowered to between $890 and $990 million, including the remaining capital for the Northwest Exodus and Tanami Expansion projects, the initial capital for Subika Underground and the Ahafo Mill Expansion and Twin Underground. Guidance is unchanged at between $900 million and $1.0 billion for 2018 and between $630 million and $730 million for 2019. Sustaining capital outlook for 2017 is lowered to between $575 and $675 million and remains between $600 and $700 million per year longer-term. Newmont expects to reach a development decision on the Quecher Main project in the second half of this year; this is currently excluded from outlook.

2017 Outlooka

Consolidated

All-in

Consolidated

Consolidated

Attributable

Consolidated

Sustaining

Total Capital

Production

Production

CAS

Costsb

Expenditures

(Koz, Kt)

(Koz, Kt)

($/oz, $/lb)

($/oz, $/lb)

($M)

North America

Carlin

935

-

1,000

935

-

1,000

775

-

825

980

-

1,040

165

-

185

Phoenix c

200

-

220

200

-

220

875

-

925

1,070

-

1,130

25

-

35

Twin Creeks d

370

-

400

370

-

400

560

-

610

675

-

725

45

-

55

CC&V

420

-

470

420

-

470

560

-

610

680

-

730

30

-

40

Long Canyon

130

-

170

130

-

170

380

-

430

405

-

455

10

-

20

Other North America

15

-

25

Total

2,080

-

2,240

2,080

-

2,240

675

-

725

855

-

930

280

-

360

South America

Yanacocha e

530

-

560

260

-

300

845

-

895

1,040

-

1,110

35

-

55

Merian

470

-

520

350

-

390

500

-

540

560

-

610

85

-

125

Other South America

Total

1,000

-

1,080

630

-

690

675

-

725

880

-

980

120

-

175

Australia

Boddington

735

-

785

735

-

785

700

-

750

820

-

870

75

-

85

Tanami

405

-

480

405

-

480

575

-

645

785

-

855

110

-

120

Kalgoorlie f

375

-

425

375

-

425

585

-

635

665

-

715

15

-

25

Other Australia

Total

1,520

-

1,695

1,520

-

1,695

640

-

690

795

-

855

205

-

240

Africa

Ahafo

315

-

345

315

-

345

910

-

965

1,055

-

1,135

150

-

185

Akyem

455

-

485

455

-

485

535

-

575

655

-

705

30

-

40

Other Africa

Total

775

-

835

775

-

835

695

-

745

870

-

920

180

-

220

Corporate/Other

15

-

20

Total Goldg

5,400

-

5,800

5,000

-

5,400

675

-

715

900

-

950

890

-

990

Phoenix

10

-

20

10

-

20

1.75

-

1.95

2.20

-

2.40

Boddington

30

-

40

30

-

40

1.30

-

1.50

1.60

-

1.80

Total Copper

40

-

60

40

-

60

1.45

-

1.65

1.85

-

2.05

Consolidated Expense Outlookh

General & Administrative

$

215

-

$

240

Interest Expense

$

210

-

$

250

Depreciation and Amortization

$

1,325

-

$

1,425

Advanced Projects & Exploration

$

325

-

$

375

Sustaining Capital

$

575

-

$

675

Tax Rate

28%

-

34%

a

2017 Outlook in the table above are considered "forward-looking statements" and are based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. For example, 2017 Outlook assumes $1,200/oz Au, $2.50/lb Cu, $0.75 USD/AUD exchange rate and $55/barrel WTI; AISC and CAS estimates do not include inflation, for the remainder of the year. Production, AISC and capital estimates exclude projects that have not yet been approved, (Quecher Main). The potential impact on inventory valuation as a result of lower prices, input costs, and project decisions are not included as part of this Outlook. Such assumptions may prove to be incorrect and actual results may differ materially from those anticipated. See cautionary note at the end of the release.

b

All-in sustaining costs or AISC as used in the Company's Outlook is a non-GAAP metric defined as the sum of costs applicable to sales (including all direct and indirect costs related to current gold production incurred to execute on the current mine plan), reclamation costs (including operating accretion and amortization of asset retirement costs), G&A, exploration expense, advanced projects and R&D, treatment and refining costs, other expense, net of one-time adjustments and sustaining capital. See reconciliation at the end of the release.

c

Includes Lone Tree operations.

d

Includes TRJV operations.

e

Consolidated production for Yanacocha and Merian is presented on a total production basis for the mine site; attributable production represents a 51.35% interest for Yanacocha and a 75% interest for Merian.

f

Both consolidated and attributable production are shown on a pro-rata basis with a 50% ownership for Kalgoorlie.

g

Production outlook does not include equity production from stakes in TMAC (28.8%) or La Zanja (46.94%).

Net cash provided by (used in) operating activities of discontinued operations includes $- and (3) related to closing costs for the sale of Batu Hijau during the three and six months ended June 30, 2017, respectively, and $(3), $(3), $(6) and $(5), respectively, related to the Holt royalty obligation, all of which were paid out of cash and cash equivalents held for use.

NEWMONT MINING CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in millions)

At June 30,

At December 31,

2017

2016

ASSETS

Cash and cash equivalents

$

3,105

$

2,756

Trade receivables

158

127

Other accounts receivables

179

216

Investments

61

56

Inventories

665

617

Stockpiles and ore on leach pads

821

763

Other current assets

109

142

Current assets

5,098

4,677

Property, plant and mine development, net

12,262

12,485

Investments

306

227

Stockpiles and ore on leach pads

1,781

1,864

Deferred income tax assets

1,245

1,331

Other non-current assets

450

447

Total assets

$

21,142

$

21,031

LIABILITIES

Debt

$

577

$

566

Accounts payable

304

320

Employee-related benefits

223

304

Income and mining taxes payable

127

153

Other current liabilities

341

407

Current liabilities

1,572

1,750

Debt

4,046

4,049

Reclamation and remediation liabilities

2,060

2,029

Deferred income tax liabilities

614

592

Employee-related benefits

434

411

Other non-current liabilities

376

326

Total liabilities

9,102

9,157

EQUITY

Common stock

853

849

Additional paid-in capital

9,508

9,490

Accumulated other comprehensive income (loss)

(318

)

(334

)

Retained earnings

885

716

Newmont stockholders' equity

10,928

10,721

Noncontrolling interests

1,112

1,153

Total equity

12,040

11,874

Total liabilities and equity

$

21,142

$

21,031

Non-GAAP Financial Measures

Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by U.S. generally accepted accounting principles ("GAAP"). These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Unless otherwise noted, we present the Non-GAAP financial measures of our continuing operations in the tables below. For additional information regarding our discontinued operations, see Note 3 to the Company's Condensed Consolidated Financial Statements.

Adjusted net income (loss)

Management uses Adjusted net income (loss) to evaluate the Company's operating performance and for planning and forecasting future business operations. The Company believes the use of Adjusted net income (loss) allows investors and analysts to understand the results of the continuing operations of the Company and its direct and indirect subsidiaries relating to the sale of products, by excluding certain items that have a disproportionate impact on our results for a particular period. Adjustments to continuing operations are presented before tax and net of our partners' noncontrolling interests, when applicable. The tax effect of adjustments is presented in the Tax effect of adjustments line and is generally calculated using the Company's statutory effective tax rate of 35%. Management's determination of the components of Adjusted net income (loss) are evaluated periodically and based, in part, on a review of non-GAAP financial measures used by mining industry analysts. Net income (loss) attributable to Newmont stockholders is reconciled to Adjusted net income (loss) as follows:

Loss (gain) on asset and investment sales, included in Other income, net, primarily represents a gain from the exchange of our interest in the Fort á la Corne joint venture for equity ownership in Shore Gold in June 2017, the sale of our holdings in Regis in March 2016 and other gains or losses on asset sales.

(3)

Restructuring and other, net, included in Other expense, net, primarily represents certain costs associated with severance and outsourcing costs, accrued legal costs in our Africa region in 2016 and system integration costs in 2016 related to our acquisition of CC&V in August 2015. Amounts are presented net of income (loss) attributable to noncontrolling interests of $-, $(1), $(1) and $(2), respectively.

(4)

Acquisition costs, included in Other expense, net, represent adjustments to the contingent consideration liability from the acquisition of Boddington.

(5)

Reclamation and remediation charges, included in Reclamation and remediation, represent revisions to remediation plans at the Company's former historic mining operations.

(6)

Impairment of long-lived assets, net, included in Other expense, net, represents non-cash write-downs of long-lived assets. Amounts are presented net of income (loss) attributable to noncontrolling interests of $-, $(1), $(1) and $(1), respectively.

(7)

Loss on debt repayment, included in Other income, net, represents the impact from the debt tender offer on our 2019 Senior Notes and 2039 Senior Notes during the first quarter of 2016.

(8)

The tax effect of adjustments, included in Income and mining tax benefit (expense), represents the tax effect of adjustments in footnotes (2) through (7), as described above, and are calculated using the Company's statutory tax rate of 35%.

(9)

Valuation allowance and other tax adjustments, included in Income and mining tax benefit (expense), predominantly represent adjustments to remove the impact of our valuation allowances for items such as foreign tax credits, alternative minimum tax credits, capital losses and disallowed foreign losses. We believe that these valuation allowances cause significant fluctuations in our financial results that are not indicative of our underlying financial performance. The adjustments in the three and six months ended June 30, 2017 are due to increases in tax credit carryovers subject to valuation allowance of $68 and $135, respectively, partially offset by other tax adjustments of $5 and $15, respectively. The adjustments in the three and six months ended June 30, 2016 are due to a tax restructuring of $170 during the first quarter, a carryback of 2015 tax loss to prior years of $124 during the second quarter, increases to valuation allowance on tax credit carryovers of $2 and $62, respectively, and other tax adjustments of $11 and $17, respectively.

Earnings before interest, taxes and depreciation and amortization and Adjusted earnings before interest, taxes and depreciation and amortization

Management uses Earnings before interest, taxes and depreciation and amortization ("EBITDA") and EBITDA adjusted for non-core or certain items that have a disproportionate impact on our results for a particular period ("Adjusted EBITDA") as non-GAAP measures to evaluate the Company's operating performance. EBITDA and Adjusted EBITDA do not represent, and should not be considered an alternative to, net income (loss), operating income (loss), or cash flow from operations as those terms are defined by GAAP, and do not necessarily indicate whether cash flows will be sufficient to fund cash needs. Although Adjusted EBITDA and similar measures are frequently used as measures of operations and the ability to meet debt service requirements by other companies, our calculation of Adjusted EBITDA is not necessarily comparable to such other similarly titled captions of other companies. The Company believes that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. Management's determination of the components of Adjusted EBITDA are evaluated periodically and based, in part, on a review of non-GAAP financial measures used by mining industry analysts. Net income (loss) attributable to Newmont stockholders is reconciled to EBITDA and Adjusted EBITDA as follows:

Loss (gain) on asset and investment sales, included in Other income, net, primarily represents a gain from the exchange of our interest in the Fort á la Corne joint venture for equity ownership in Shore Gold in June 2017, the sale of our holdings in Regis in March 2016 and other gains or losses on asset sales.

(3)

Restructuring and other, included in Other expense, net, primarily represents certain costs associated with severance and outsourcing costs, accrued legal costs in our Africa region in 2016 and system integration costs in 2016 related to our acquisition of CC&V in August 2015.

(4)

Acquisition costs, included in Other expense, net, represent adjustments to the contingent consideration liability from the acquisition of Boddington.

(5)

Reclamation and remediation charges, included in Reclamation and remediation, represent revisions to remediation plans at the Company's former historic mining operations.

(6)

Impairment of long-lived assets, included in Other expense, net, represents non-cash write-downs of long-lived assets.

(7)

Loss on debt repayment, included in Other income, net, represents the impact from the debt tender offer on our 2019 Senior Notes and 2039 Senior Notes during the first quarter of 2016.

Free Cash Flow

Management uses Free Cash Flow as a non-GAAP measure to analyze cash flows generated from operations. Free Cash Flow is Net cash provided by (used in) operating activities less Net cash provided by (used in) operating activities of discontinued operations less Additions to property, plant and mine development as presented on the Condensed Consolidated Statements of Cash Flows. The Company believes Free Cash Flow is also useful as one of the bases for comparing the Company's performance with its competitors. Although Free Cash Flow and similar measures are frequently used as measures of cash flows generated from operations by other companies, the Company's calculation of Free Cash Flow is not necessarily comparable to such other similarly titled captions of other companies.

The presentation of non-GAAP Free Cash Flow is not meant to be considered in isolation or as an alternative to net income as an indicator of the Company's performance, or as an alternative to cash flows from operating activities as a measure of liquidity as those terms are defined by GAAP, and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. The Company's definition of Free Cash Flow is limited in that it does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations or payments made for business acquisitions. Therefore, the Company believes it is important to view Free Cash Flow as a measure that provides supplemental information to the Company's Condensed Consolidated Statements of Cash Flows.

The following table sets forth a reconciliation of Free Cash Flow, a non-GAAP financial measure, to Net cash provided by (used in) operating activities, which the Company believes to be the GAAP financial measure most directly comparable to Free Cash Flow, as well as information regarding Net cash provided by (used in) investing activities and Net cash provided by (used in) financing activities.

Net cash provided by (used in) investing activities includes Additions to property, plant and mine development, which is included in the Company's computation of Free Cash Flow.

Costs applicable to sales per ounce/pound

Costs applicable to sales per ounce/pound are non-GAAP financial measures. These measures are calculated by dividing the costs applicable to sales of gold and copper by gold ounces or copper pounds sold, respectively. These measures are calculated for the periods presented on a consolidated basis. Costs applicable to sales per ounce/pound statistics are intended to provide additional information only and do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under GAAP. Other companies may calculate these measures differently.

The following tables reconcile these non-GAAP measures to the most directly comparable GAAP measures.

Costs applicable to sales per ounce

Three Months Ended

Six Months Ended

June 30,

June 30,

2017

2016

2017

2016

Costs applicable to sales (1)

$

955

$

847

$

1,849

$

1,653

Gold sold (thousand ounces)

1,439

1,281

2,740

2,466

Costs applicable to sales per ounce

$

664

$

661

$

675

$

670

(1)

Includes by-product credits of $16 and $26 during the three and six months ended June 30, 2017, respectively, and $10 and $19 during the three and six months ended June 30, 2016, respectively.

Costs applicable to sales per pound

Three Months Ended

Six Months Ended

June 30,

June 30,

2017

2016

2017

2016

Costs applicable to sales (1)

$

44

$

55

$

83

$

100

Copper sold (million pounds)

32

29

58

54

Costs applicable to sales per pound

$

1.38

$

1.90

$

1.43

$

1.85

(1)

Includes by-product credits of $2 and $3 during the three and six months ended June 30, 2017, respectively, and $2 and $3 during the three and six months ended June 30, 2016, respectively.

All-In Sustaining Costs

Newmont has worked to develop a metric that expands on GAAP measures, such as cost of goods sold, and non-GAAP measures, such as Costs applicable to sales per ounce, to provide visibility into the economics of our mining operations related to expenditures, operating performance and the ability to generate cash flow from our continuing operations.

Current GAAP-measures used in the mining industry, such as cost of goods sold, do not capture all of the expenditures incurred to discover, develop and sustain production. Therefore, we believe that all-in sustaining costs is a non-GAAP measure that provides additional information to management, investors, and analysts that aid in the understanding of the economics of our operations and performance compared to other producers and in the investor's visibility by better defining the total costs associated with production.

All-in sustaining cost ("AISC") amounts are intended to provide additional information only and do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under GAAP. Other companies may calculate these measures differently as a result of differences in the underlying accounting principles, policies applied and in accounting frameworks such as in International Financial Reporting Standards ("IFRS"), or by reflecting the benefit from selling non-gold metals as a reduction to AISC. Differences may also arise related to definitional differences of sustaining versus development capital activities based upon each company's internal policies.

The following disclosure provides information regarding the adjustments made in determining the all-in sustaining costs measure:

Costs applicable to sales. Includes all direct and indirect costs related to current production incurred to execute the current mine plan. We exclude certain exceptional or unusual amounts from Costs applicable to sales ("CAS"), such as significant revisions to recovery amounts. CAS includes by-product credits from certain metals obtained during the process of extracting and processing the primary ore-body. CAS is accounted for on an accrual basis and excludes Depreciation and amortization and Reclamation and remediation, which is consistent with our presentation of CAS on the Condensed Consolidated Statements of Operations. In determining AISC, only the CAS associated with producing and selling an ounce of gold is included in the measure. Therefore, the amount of gold CAS included in AISC is derived from the CAS presented in the Company's Condensed Consolidated Statements of Operations less the amount of CAS attributable to the production of copper at our Phoenix and Boddington mines. The copper CAS at those mine sites is disclosed in Note 4 to the Condensed Consolidated Financial Statements. The allocation of CAS between gold and copper at the Phoenix and Boddington mines is based upon the relative sales value of gold and copper produced during the period.

Reclamation costs. Includes accretion expense related to Asset Retirement Obligation ("ARO") and the amortization of the related Asset Retirement Cost ("ARC") for the Company's operating properties. Accretion related to the ARO and the amortization of the ARC assets for reclamation does not reflect annual cash outflows but are calculated in accordance with GAAP. The accretion and amortization reflect the periodic costs of reclamation associated with current production and are therefore included in the measure. The allocation of these costs to gold and copper is determined using the same allocation used in the allocation of CAS between gold and copper at the Phoenix and Boddington mines.

Advanced projects, research and development and exploration. Includes incurred expenses related to projects that are designed to increase or enhance current production and exploration. We note that as current resources are depleted, exploration and advanced projects are necessary for us to replace the depleting reserves or enhance the recovery and processing of the current reserves. As this relates to sustaining our production, and is considered a continuing cost of a mining company, these costs are included in the AISC measure. These costs are derived from the Advanced projects, research and development and Exploration amounts presented in the Condensed Consolidated Statements of Operations less the amount attributable to the production of copper at our Phoenix and Boddington mines. The allocation of these costs to gold and copper is determined using the same allocation used in the allocation of CAS between gold and copper at the Phoenix and Boddington mines.

General and administrative. Includes costs related to administrative tasks not directly related to current production, but rather related to support our corporate structure and fulfill our obligations to operate as a public company. Including these expenses in the AISC metric provides visibility of the impact that general and administrative activities have on current operations and profitability on a per ounce basis.

Other expense, net. Includes certain administrative costs to support current gold production. We exclude certain exceptional or unusual expenses from Other expense, net, such as restructuring, as these are not indicative to sustaining our current operations. Furthermore, this adjustment to Other expense, net is also consistent with the nature of the adjustments made to Net income (loss) attributable to Newmont stockholders as disclosed in the Company's non-GAAP financial measure Adjusted net income (loss). The allocation of these costs to gold and copper is determined using the same allocation used in the allocation of CAS between gold and copper at the Phoenix and Boddington mines.

Treatment and refining costs. Includes costs paid to smelters for treatment and refining of our concentrates to produce the salable metal. These costs are presented net as a reduction of Sales on our Condensed Consolidated Statements of Operations.

Sustaining capital. We determined sustaining capital as those capital expenditures that are necessary to maintain current production and execute the current mine plan. Capital expenditures to develop new operations, or related to projects at existing operations where these projects will enhance production or reserves, are generally considered development. We determined the classification of sustaining and development capital projects based on a systematic review of our project portfolio in light of the nature of each project. Sustaining capital costs are relevant to the AISC metric as these are needed to maintain the Company's current operations and provide improved transparency related to our ability to finance these expenditures from current operations. The allocation of these costs to gold and copper is determined using the same allocation used in the allocation of CAS between gold and copper at the Phoenix and Boddington mines.

Advanced

Projects,

Research and

Treatment

All-In

Costs

Development

General

Other

and

All-In

Ounces

Sustaining

Three Months Ended

Applicable

Reclamation

and

and

Expense,

Refining

Sustaining

Sustaining

(000)/Pounds

Costs per

June 30, 2017

to Sales (1)(2)(3)

Costs (4)

Exploration(5)

Administrative

Net (6)

Costs

Capital (7)

Costs

(millions) Sold

oz/lb

Gold

Carlin

$

170

$

2

$

5

$

—

$

—

$

—

$

48

$

225

222

$

1,014

Phoenix

46

2

3

—

—

3

3

57

57

1,000

Twin Creeks

61

1

2

—

—

—

10

74

124

597

Long Canyon

13

1

—

—

—

—

—

14

45

311

CC&V

74

1

3

1

—

—

4

83

132

629

Other North America

—

—

9

—

2

—

—

11

—

—

North America

364

7

22

1

2

3

65

464

580

800

Yanacocha

134

19

5

1

3

—

8

170

120

1,417

Merian

64

—

4

—

—

—

4

72

120

600

Other South America

—

—

12

3

1

—

—

16

—

—

South America

198

19

21

4

4

—

12

258

240

1,075

Boddington

147

2

1

—

—

5

12

167

211

791

Tanami

58

—

1

—

—

—

14

73

98

745

Kalgoorlie

55

—

1

—

—

—

4

60

90

667

Other Australia

—

—

7

2

—

—

2

11

—

—

Australia

260

2

10

2

—

5

32

311

399

779

Ahafo

60

1

9

—

2

—

12

84

89

944

Akyem

73

3

1

—

1

—

3

81

131

618

Other Africa

—

—

6

4

—

—

—

10

—

—

Africa

133

4

16

4

3

—

15

175

220

795

Corporate and Other

—

—

14

47

1

—

2

64

—

—

Total Gold

$

955

$

32

$

83

$

58

$

10

$

8

$

126

$

1,272

1,439

$

884

Copper

Phoenix

$

16

$

—

$

—

$

—

$

—

$

—

$

4

$

20

10

$

2.00

Boddington

28

1

—

—

—

4

1

34

22

1.55

Total Copper

$

44

$

1

$

—

$

—

$

—

$

4

$

5

$

54

32

$

1.69

Consolidated

$

999

$

33

$

83

$

58

$

10

$

12

$

131

$

1,326

(1)

Excludes Depreciation and amortization and Reclamation and remediation.

(2)

Includes by-product credits of $18.

(3)

Includes stockpile and leach pad inventory adjustments of $24 at Yanacocha, $9 at Carlin, $8 at Twin Creeks and $5 at Akyem.

(4)

Reclamation costs include operating accretion of $21 and amortization of asset retirement costs of $12.

(5)

Advanced projects, research and development and Exploration of $5 at Long Canyon, $5 at Tanami, $1 at Ahafo, $4 at Akyem, and $3 at Yanacocha are recorded in "Other" of the respective region for development projects.

(6)

Other expense, net is adjusted for acquisition costs of $3 and restructuring and other costs of $1.

(7)

Excludes development capital expenditures, capitalized interest and changes in accrued capital, totaling $52. The following are major development projects: Merian, Subika Underground, and the Tanami and Ahafo mill expansions.

Advanced

Projects,

Research and

Treatment

All-In

Costs

Development

General

Other

and

All-In

Ounces

Sustaining

Three Months Ended

Applicable

Reclamation

and

and

Expense,

Refining

Sustaining

Sustaining

(000)/Pounds

Costs per

June 30, 2016

to Sales (1)(2)(3)

Costs (4)

Exploration(5)

Administrative

Net (6)

Costs

Capital (7)

Costs

(millions) Sold

oz/lb

Gold

Carlin

$

184

$

1

$

4

$

2

$

—

$

—

$

38

$

229

203

$

1,128

Phoenix

39

1

1

1

—

2

3

47

50

940

Twin Creeks

58

1

2

—

—

—

12

73

115

635

Long Canyon

—

—

—

—

—

—

—

—

—

—

CC&V

58

1

1

1

—

—

2

63

115

548

Other North America

—

—

12

—

—

1

2

15

—

—

North America

339

4

20

4

—

3

57

427

483

884

Yanacocha

120

14

11

2

1

1

24

173

154

1,123

Merian

—

—

—

—

—

—

—

—

—

—

Other South America

—

—

21

—

—

—

—

21

—

—

South America

120

14

32

2

1

1

24

194

154

1,260

Boddington

141

2

—

—

—

5

10

158

198

798

Tanami

64

—

3

—

—

—

20

87

144

604

Kalgoorlie

67

1

2

—

—

2

5

77

96

802

Other Australia

—

—

2

5

2

—

1

10

—

—

Australia

272

3

7

5

2

7

36

332

438

758

Ahafo

60

1

7

—

—

—

16

84

91

923

Akyem

56

2

3

—

—

—

5

66

115

574

Other Africa

—

—

—

1

—

—

—

1

—

—

Africa

116

3

10

1

—

—

21

151

206

733

Corporate and Other

—

—

13

50

—

—

3

66

—

—

Total Gold

$

847

$

24

$

82

$

62

$

3

$

11

$

141

$

1,170

1,281

$

913

Copper

Phoenix

$

22

$

—

$

—

$

—

$

—

$

1

$

2

$

25

11

$

2.27

Boddington

33

—

—

—

—

3

2

38

18

2.11

Total Copper

$

55

$

—

$

—

$

—

$

—

$

4

$

4

$

63

29

$

2.17

Consolidated

$

902

$

24

$

82

$

62

$

3

$

15

$

145

$

1,233

(1)

Excludes Depreciation and amortization and Reclamation and remediation.

(2)

Includes by-product credits of $12.

(3)

Includes stockpile and leach pad inventory adjustments of $26 at Yanacocha, $23 at Carlin and $8 at Twin Creeks.

(4)

Reclamation costs include operating accretion of $15 and amortization of asset retirement costs of $9.

(5)

Advanced projects, research and development and Exploration of $7 at Long Canyon and $11 at Merian are recorded in "Other" of the respective region for development projects.

(6)

Other expense, net is adjusted for restructuring and other costs of $6, write-downs of $4, and acquisition costs of $2.

(7)

Excludes development capital expenditures, capitalized interest and changes in accrued capital, totaling $138. The following are major development projects: Merian, Long Canyon, and the CC&V and Tanami expansions.

Advanced

Projects,

Research and

Treatment

All-In

Costs

Development

General

Other

and

All-In

Ounces

Sustaining

Six Months Ended

Applicable

Reclamation

and

and

Expense,

Refining

Sustaining

Sustaining

(000)/Pounds

Costs per

June 30, 2017

to Sales (1)(2)(3)

Costs (4)

Exploration(5)

Administrative

Net (6)

Costs

Capital (7)

Costs

(millions) Sold

oz/lb

Gold

Carlin

$

363

$

3

$

8

$

1

$

—

$

—

$

95

$

470

430

$

1,093

Phoenix

89

3

4

—

—

6

6

108

101

1,069

Twin Creeks

108

2

4

1

—

—

17

132

201

657

Long Canyon

25

1

—

—

—

—

1

27

77

351

CC&V

144

2

7

1

—

—

8

162

251

645

Other North America

—

—

17

—

3

—

2

22

—

—

North America

729

11

40

3

3

6

129

921

1,060

869

Yanacocha

253

32

7

2

3

—

20

317

268

1,183

Merian

112

—

8

—

—

—

8

128

228

561

Other South America

—

—

24

6

1

—

—

31

—

—

South America

365

32

39

8

4

—

28

476

496

960

Boddington

269

3

1

—

—

9

26

308

395

780

Tanami

108

1

1

—

—

—

24

134

174

770

Kalgoorlie

107

1

3

—

—

—

8

119

174

684

Other Australia

—

—

11

4

—

—

2

17

—

—

Australia

484

5

16

4

—

9

60

578

743

778

Ahafo

136

3

11

—

2

—

19

171

183

934

Akyem

135

6

1

—

1

—

10

153

258

593

Other Africa

—

—

12

5

—

—

—

17

—

—

Africa

271

9

24

5

3

—

29

341

441

773

Corporate and Other

—

—

26

93

5

—

3

127

—

—

Total Gold

$

1,849

$

57

$

145

$

113

$

15

$

15

$

249

$

2,443

2,740

$

892

Copper

Phoenix

$

34

$

1

$

—

$

—

$

—

$

1

$

5

$

41

20

$

2.05

Boddington

49

1

—

—

—

6

3

59

38

1.55

Total Copper

$

83

$

2

$

—

$

—

$

—

$

7

$

8

$

100

58

$

1.72

Consolidated

$

1,932

$

59

$

145

$

113

$

15

$

22

$

257

$

2,543

(1)

Excludes Depreciation and amortization and Reclamation and remediation.

(2)

Includes by-product credits of $29.

(3)

Includes stockpile and leach pad inventory adjustments of $27 at Carlin, $11 at Twin Creeks, $30 at Yanacocha, $13 at Ahafo and $5 at Akyem.

(4)

Reclamation costs include operating accretion of $42 and amortization of asset retirement costs of $17.

(5)

Advanced projects, research and development and Exploration of $10 at Long Canyon, $5 at Ahafo, $8 at Tanami, $5 at Yanacocha and $5 at Akyem are recorded in "Other" of the respective region for development projects.

(6)

Other expense, net is adjusted for restructuring and other costs of $8, acquisition costs of $5 and write-downs of $3.

(7)

Excludes development capital expenditures, capitalized interest and changes in accrued capital, totaling $106. The following are major development projects: Merian, Long Canyon, Tanami expansions, Subika Underground and Ahafo mill expansion.

Advanced

Projects,

Research and

Treatment

All-In

Costs

Development

General

Other

and

All-In

Ounces

Sustaining

Six Months Ended

Applicable

Reclamation

and

and

Expense,

Refining

Sustaining

Sustaining

(000)/Pounds

Costs per

June 30, 2016

to Sales (1)(2)(3)

Costs (4)

Exploration(5)

Administrative

Net (6)

Costs

Capital (7)

Costs

(millions) Sold

oz/lb

Gold

Carlin

$

373

$

2

$

7

$

3

$

—

$

—

$

70

$

455

411

$

1,107

Phoenix

88

2

1

1

—

5

5

102

103

990

Twin Creeks

118

2

4

—

—

—

18

142

251

566

Long Canyon

—

—

—

—

—

—

—

—

—

—

CC&V

91

2

4

1

—

—

2

100

170

588

Other North America

—

—

19

—

2

1

2

24

—

—

North America

670

8

35

5

2

6

97

823

935

880

Yanacocha

248

28

20

5

2

1

38

342

333

1,027

Merian

—

—

—

—

—

—

—

—

—

—

Other South America

—

—

30

2

—

—

—

32

—

—

South America

248

28

50

7

2

1

38

374

333

1,123

Boddington

252

3

—

—

—

10

19

284

361

787

Tanami

123

1

6

—

—

—

34

164

245

669

Kalgoorlie

132

2

3

—

—

3

8

148

184

804

Other Australia

—

—

3

8

3

—

1

15

—

—

Australia

507

6

12

8

3

13

62

611

790

773

Ahafo

117

3

12

—

—

—

26

158

178

888

Akyem

111

4

4

—

—

—

12

131

230

570

Other Africa

—

—

1

2

—

—

—

3

—

—

Africa

228

7

17

2

—

—

38

292

408

716

Corporate and Other

—

—

25

93

1

—

5

124

—

—

Total Gold

$

1,653

$

49

$

139

$

115

$

8

$

20

$

240

$

2,224

2,466

$

902

Copper

Phoenix

$

44

$

1

$

—

$

—

$

—

$

2

$

3

$

50

21

$

2.38

Boddington

56

—

—

—

—

6

4

66

33

2.00

Total Copper

$

100

$

1

$

—

$

—

$

—

$

8

$

7

$

116

54

$

2.15

Consolidated

$

1,753

$

50

$

139

$

115

$

8

$

28

$

247

$

2,340

(1)

Excludes Depreciation and amortization and Reclamation and remediation.

(2)

Includes by-product credits of $22.

(3)

Includes stockpile and leach pad inventory adjustments of $54 at Yanacocha, $43 at Carlin and $10 at Twin Creeks.

(4)

Reclamation costs include operating accretion of $31 and amortization of asset retirement costs of $19.

(5)

Advanced projects, research and development and Exploration of $13 at Long Canyon and $14 at Merian are recorded in "Other" of the respective region for development projects.

(6)

Other expense, net is adjusted for restructuring and other costs of $19, write-downs of $4, and acquisition costs of $2.

(7)

Excludes development capital expenditures, capitalized interest and changes in accrued capital, totaling $316. The following are major development projects: Merian, Long Canyon, and the CC&V and Tanami expansions.

Similar to the historical AISC amounts presented above, AISC outlook is also a non-GAAP financial measure. A reconciliation of the 2017 Gold AISC outlook range to the 2017 CAS outlook range is provided below. The estimates in the table below are considered "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws.

2017 Outlook - Gold

Outlook range

Low

High

Costs Applicable to Sales (1)(2)

$

3,715

$

4,065

Reclamation Costs (3)

110

130

Advanced Projects and Exploration

325

375

General and Administrative

215

240

Other Expense

5

30

Treatment and Refining Costs

20

40

Sustaining Capital (4)

575

675

All-in Sustaining Costs

$

4,930

$

5,430

Ounces (000) Sold

5,400

5,800

All-in Sustaining Costs per oz (5)

$

900

$

950

(1)

Excludes Depreciation and amortization and Reclamation and remediation.

The reconciliation above is provided for illustrative purposes in order to better describe management's estimates of the components of the calculation. Ranges for each component of the forward-looking All-in sustaining costs per ounce are independently calculated and, as a result, the total All-in sustaining costs and the All-in sustaining costs per ounce may not sum to the component ranges. While a reconciliation to the most directly comparable GAAP measure has been provided for 2017 AISC Gold Outlook on a consolidated basis, a reconciliation has not been provided on an individual site-by-site basis or for longer-term outlook in reliance on Item 10(e)(1)(i)(B) of Regulation S-K because such reconciliation is not available without unreasonable efforts. See the Cautionary Statement at the end of this news release for additional information.

Net average realized price per ounce/ pound

Average realized price per ounce/ pound are non-GAAP financial measures. The measures are calculated by dividing the Net consolidated gold and copper sales by the consolidated gold ounces or copper pounds sold, respectively. These measures are calculated on a consistent basis for the periods presented on a consolidated basis. Average realized price per ounce/ pound statistics are intended to provide additional information only, do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under GAAP. Other companies may calculate these measures differently.

The following tables reconcile these non-GAAP measures to the most directly comparable GAAP measure:

Three Months Ended

Six Months Ended

June 30,

June 30,

2017

2016

2017

2016

Sales

$

1,875

$

1,669

$

3,534

$

3,131

Consolidated copper sales, net

(76

)

(57

)

(147

)

(108

)

Consolidated gold sales, net

$

1,799

$

1,612

$

3,387

$

3,023

Consolidated gold sales:

Gross before provisional pricing

$

1,808

$

1,615

$

3,395

$

3,018

Provisional pricing mark-to-market

(1

)

6

7

22

Gross after provisional pricing

1,807

1,621

3,402

3,040

Treatment and refining charges

(8

)

(9

)

(15

)

(17

)

Net

$

1,799

$

1,612

$

3,387

$

3,023

Consolidated gold ounces sold (thousands)

1,439

1,281

2,740

2,466

Average realized gold price (per ounce):

Gross before provisional pricing

$

1,256

$

1,260

$

1,239

$

1,224

Provisional pricing mark-to-market

—

4

3

9

Gross after provisional pricing

1,256

1,264

1,242

1,233

Treatment and refining charges

(6

)

(7

)

(6

)

(7

)

Net

$

1,250

$

1,257

$

1,236

$

1,226

Three Months Ended

Six Months Ended

June 30,

June 30,

2017

2016

2017

2016

Sales

$

1,875

$

1,669

$

3,534

$

3,131

Consolidated gold sales, net

(1,799

)

(1,612

)

(3,387

)

(3,023

)

Consolidated copper sales, net

$

76

$

57

$

147

$

108

Consolidated copper sales:

Gross before provisional pricing

$

81

$

63

$

151

$

116

Provisional pricing mark-to-market

(1

)

(2

)

3

—

Gross after provisional pricing

80

61

154

116

Treatment and refining charges

(4

)

(4

)

(7

)

(8

)

Net

$

76

$

57

$

147

$

108

Consolidated copper pounds sold (millions)

32

29

58

54

Average realized copper price (per pound):

Gross before provisional pricing

$

2.60

$

2.19

$

2.62

$

2.16

Provisional pricing mark-to-market

(0.02

)

(0.05

)

0.06

—

Gross after provisional pricing

2.58

2.14

2.68

2.16

Treatment and refining charges

(0.12

)

(0.14

)

(0.12

)

(0.14

)

Net

$

2.46

$

2.00

$

2.56

$

2.02

Gold By-Product Metrics

Copper is a by-product often obtained during the process of extracting and processing the primary ore-body. In our GAAP Condensed Consolidated Financial Statements, the value of these by-products is recorded as a credit to our CAS and the value of the primary ore is recorded as Sales. In certain instances, copper is a co-product, or significant resource in the primary ore-body, and the revenue is recorded as Sales in our GAAP Condensed Consolidated Financial Statements.

Gold By-Product Metrics are non-GAAP financial measures that serve as a basis for comparing the Company's performance with certain competitors. As Newmont's operations are primarily focused on gold production, "Gold By-Product Metrics" were developed to allow investors to view Sales, CAS per ounce and AISC per ounce calculations that classify all copper production as a by-product, even when copper is the primary ore-body. These metrics are calculated by subtracting copper sales recognized from Sales and including these amounts as offsets to CAS.

Gold By-Product Metrics are calculated on a consistent basis for the periods presented on a consolidated basis. These metrics are intended to provide supplemental information only, do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Other companies may calculate these measures differently as a result of differences in the underlying accounting principles, policies applied and in accounting frameworks, such as in IFRS.

The following tables reconcile these non-GAAP measures to the most directly comparable GAAP measures:

Three Months Ended

Six Months Ended

June 30,

June 30,

2017

2016

2017

2016

Consolidated gold sales, net

$

1,799

$

1,612

$

3,387

$

3,023

Consolidated copper sales, net

76

57

147

108

Sales

$

1,875

$

1,669

$

3,534

$

3,131

Costs applicable to sales

$

999

$

902

$

1,932

$

1,753

Less: Consolidated copper sales, net

(76

)

(57

)

(147

)

(108

)

By-Product costs applicable to sales

$

923

$

845

$

1,785

$

1,645

Gold sold (thousand ounces)

1,439

1,281

2,740

2,466

Total Gold CAS per ounce (by-product)

$

641

$

660

$

651

$

667

Total AISC

$

1,326

$

1,233

$

2,543

$

2,340

Less: Consolidated copper sales, net

(76

)

(57

)

(147

)

(108

)

By-Product AISC

$

1,250

$

1,176

$

2,396

$

2,232

Gold sold (thousand ounces)

1,439

1,281

2,740

2,466

Total Gold AISC per ounce (by-product)

$

869

$

918

$

874

$

905

Conference call information

Newmont Mining Corporation (NYSE: NEM) announced it will report second quarter 2017 operations and financial results before the market opens on Tuesday, July 25, 2017 and will hold a conference call at 11:00 a.m. Eastern Time (9:00 a.m. Mountain Time) the same day. The earnings call will also be carried on the Company's website.

The second quarter 2017 results will be available before the market opens on Tuesday, July 25, 2017 on the "Investor Relations" section of the Company's website, www.newmont.com. Additionally, the conference call will be archived for a limited time on the Company's website.

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Such forward-looking statements may include, without limitation: (i) estimates of future production and sales; (ii) estimates of future costs applicable to sales and all-in sustaining costs; (iii) estimates of future capital expenditures; (iv) estimates of future cost reductions and efficiencies; (v) expectations regarding the development, growth and potential of the Company's operations, projects and investment, including, without limitation, expected returns, life of mine, commercial start and first production and upside; (vi) expectations regarding future debt repayments; and (vii) expectations regarding future free cash flow generation, liquidity and balance sheet strength. Estimates or expectations of future events or results are based upon certain assumptions, which may prove to be incorrect. Such assumptions, include, but are not limited to: (i) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (ii) permitting, development, operations and expansion of the Company's operations and projects being consistent with current expectations and mine plans; (iii) political developments in any jurisdiction in which the Company operates being consistent with its current expectations; (iv) certain exchange rate assumptions for the Australian dollar to the U.S. dollar, as well as other the exchange rates being approximately consistent with current levels; (v) certain price assumptions for gold, copper and oil; (vi) prices for key supplies being approximately consistent with current levels; (vii) the accuracy of our current mineral reserve and mineralized material estimates; and (viii) other assumptions noted herein. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, such statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the "forward-looking statements". Other risks relating to forward looking statements in regard to the Company's business and future performance may include, but are not limited to, gold and other metals price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, political and operational risks, community relations, conflict resolution and outcome of projects or oppositions and governmental regulation and judicial outcomes. For a more detailed discussion of such risks and other factors, see the Company's 2016 Annual Report on Form 10-K, filed on February 21, 2017, with the Securities and Exchange Commission (SEC), and as well as the Company's other SEC filings. The Company does not undertake any obligation to release publicly revisions to any "forward-looking statement," including, without limitation, outlook, to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued "forward-looking statement" constitutes a reaffirmation of that statement. Continued reliance on "forward-looking statements" is at investors' own risk.

Investors are reminded that this news release should be read in conjunction with Newmont's Form 10-Q expected to be filed on or about July 25, 2017 with the SEC (also available at www.newmont.com).